How to Convert a Bonus Bet
Key Takeaways
- Bonus Bets are the most common sportsbook promotion
- You do not lose any money if a Bonus Bet loses (You also won't lose any money on your 2 day free trial)
- On a winning bet, only the winnings are returned, not the original bet amount (stake)
- They can typically be converted to cash at 70% of their original value
- Use the DarkHorse Odds Bonus Bet Finder for bonus bet conversion
What is a Bonus Bet?
Bonus Bets are the most common sportsbook promotion. They some sportsbooks will have a different name for Bonus Bets such as bet credit. No matter what each sportsbook calls a Bonus Bet, it is critical to determine if your promotion is a Bonus Bet. Making this determination is not always straight forward based on the nomenclature. Two distinguishing characteristics determine if a promotion is a Bonus Bet. If your promotion meets the criteria below, you have a Bonus Bet and can convert it using our Bonus Bet Finder.
- On a winning bet, the original bet amount (stake), is not returned
- If a Bonus Bet loses, you do not lose any cash from your bankroll
The screenshots below from DraftKings and BetRivers show how the total payout for a cash wager includes the stake and the total payout for a Bonus Bet does not include the stake. Notice that for both the Bonus Bet and the cash wager, the bet amount is $100. However, for the Bonus Bets, the total payout is $100 lower than the cash wager. This is because the original bet amount is not returned on a Bonus Bet.
Most sportsbooks do not allow users to break up a Bonus Bet. If you have a $100 Bonus Bet, then you have to bet all $100 on a single bet. FanDuel is one of the few exceptions that allow users to place Bonus Bets in any amount they want. If you have a Bonus Bet on FanDuel, you can break it into as many smaller bets as you wish. A final note on Bonus Bets is that they often have an expiration date. Make sure you convert your Bonus Bet before it expires.
How To Use A Bonus Bet
Applying a Bonus Bet is similar across most sportsbooks, but there may be some minor differences. In most cases, you must select the bet you want first to add it to your bet slip. Once a wager is in your bet slip, the option to apply the Bonus Bet appears. The exact wording may vary but your bet slip will have options for you to select and apply the Bonus Bet. The images below show applying a Bonus Bet on DraftKings and BetRivers.
Converting Bonus Bets
Bonus Bet Conversion Flow Chart
This "Converting a Bonus Bet Into Withdrawable Cash" infographic gives a visual overview showing how no matter what happens in the game, when you hedge your Bonus Bets, you can guarantee profit.
What Does Converting A Bonus Bet Mean?
Converting a Bonus Bet is a matched betting technique used to extract a guaranteed profit from your Bonus Bet by hedging it. Converting Bonus Bets differs from traditional gambling because you are betting on both sides of a game; think Bonus Bet on the home team and a hedge bet on the away team. This means one of your bets will win, and the other will lose. Based on the odds of each bet and the Bonus Bet amount, you can hedge a Bonus Bet so that your profit is the same no matter which bet wins.
How To Convert A Bonus Bet
You will want to use a Bonus Bet Calculator to convert a Bonus Bet. Bonus Bet Calculators determine how much you need to bet to maximize your profit, also known as the Bonus Bet conversion rate. The Bonus Bet Finder on DarkHorse Odds is not your standard Bonus Bet calculator that requires a user to find the bets and enter the odds manually. Our Bonus Bet Finder finds all of the best available conversions and does the math so you can be confident you know how much to bet on both sides. It searches through millions of combinations every hour so that you can maximize your Bonus Bet conversions, increase profits, and save time.
How Much Are Bonus Bets Worth?
Bonus Bets are typically converted into 70% of their original value. For example, a $100 Bonus Bet can be converted into $70 of withdrawable cash.
Use The Bonus Bet Finder
If you are new to using Bet Finders on DarkHorse Odds, start by reading our Bet Finder Basics guides to learn how to use all the available features, such as filters and editing your Bet Slip.
Select the Bonus Bet Finder:
In all of our guides, we filter to “Main Lines Only” as a way to avoid limits. Limits will significantly reduce your long-term earnings potential. Learn the best practices on preventing sportsbook limits in our Don't Get Limited guide. You can apply this by selecting Filters -> Main Lines Only. This is optional but highly recommended.
This sets Market Type to Money Line, Spread, and Total. It also sets Market Segment to Full Game+ and Full Game.
Select Your Bonus Bet Conversion
After selecting the sportsbook where you have the Bonus Bet and entering the bet amount, you will be presented with a table of all available Bonus Bet conversions. You can then select the matched bet that best fits your needs. The example below shows a $100 Bonus Bet on Caesars.
Place Your Bonus Bet and Hedge Bet
After selecting the bet you want from the table above, you are presented with the bet slip, which provides all the details needed to hedge, ensuring maximum profit. In this example, on Caesars, you would place the $100 Bonus Bet on the Spurs money line at +500. Then place, a Hedge Bet on Golden Nugget of $427 on the Kings money line at -585. The Spurs and the Kings play each other; therefore, one of these two bets will win. Either way, you will profit $73.
Bonus Bet Conversion Explanation
Clicking the information icon on the bet slip above shows the outcome explanation. The outcome explanation is a plain English description explaining exactly how you profit $73 from your Bonus Bet conversion no matter the event's outcome.
